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Millicom International Cellular S.A. (TIGO) is a prominent telecommunications company based in Luxembourg, specializing in providing fixed line and mobile services. Operating under the Tigo brand, Millicom has a significant presence in emerging markets across Latin America. The company delivers a range of telecom services including wireless and fixed-line solutions in countries such as Bolivia, Nicaragua, Panama, El Salvador, Guatemala, Paraguay, Colombia, Costa Rica, and Honduras. Notably, Millicom owns 100% of its operations in most of these countries, with a 50% stake in Colombia and 67% in Honduras.
Millicom's robust infrastructure supports comprehensive telecommunications services for millions. Its fixed-line networks reach approximately 13 million homes, while its wireless networks cover about 120 million people. The company is known for providing converged packages that can include fixed-line phone services, broadband, and pay television, along with its wireless offerings. This integrated approach allows Millicom to meet diverse consumer needs in less developed regions.
In 2024, Millicom plans to carve out its infrastructure assets and mobile financial services business, aiming to optimize its operations and enhance shareholder value. The company's focus on emerging markets and its strategic initiatives reflect its commitment to growth and adaptation in a rapidly evolving industry.
Recent developments include a share repurchase activity, which indicates the company’s confidence in its financial health and future prospects. This move is expected to provide value to shareholders and demonstrates Millicom’s proactive approach to managing its equity base.
Millicom’s financial performance and strategic initiatives are continually tracked and updated through various channels, ensuring stakeholders have access to the latest information on the company’s performance and market activities.
Millicom International Cellular S.A. held an Extraordinary General Meeting of Shareholders on February 28, 2022, which approved all proposed resolutions by the Board of Directors. The authorized capital increased from USD 199,999,800 to USD 300,000,000, facilitating the issuance of 200,000,000 shares at a par value of USD 1.50 each. This decision aligns with the company’s strategic financial goals and regulatory requirements under the 1915 Law, indicating a significant move in their capital structure.
Millicom announced the distribution of 52,895 treasury shares to its executive management team as part of its deferred share-based compensation plans, approved during the annual general meetings from 2019 to 2021. This action aligns with the company's commitment to reward its executives under the terms set in those plans. Further details regarding the share distribution are available on Millicom’s official website. The company, which operates under the TIGO brand, provides telecommunications services across Latin America and Africa.
Millicom International Cellular S.A. announced the nominations for its Board of Directors ahead of the Annual General Meeting (AGM) on May 4, 2022. Tomas Eliasson is proposed as a new Non-Executive Director, bringing his experience as a former non-executive director and chairman of the audit committee. José Antonio Rios García is up for re-election as Chairman. Sonia Dulá will not seek re-election. The Nomination Committee believes Eliasson's appointment will enhance Millicom's strategic and financial oversight during its growth trajectory in Latin America.
Millicom (Tigo) announced ambitious three-year operational, financial, and strategic targets during its 2022 Virtual Investor Day. Highlights include a targeted 10% annual organic operating cash flow growth, with expected mid-single-digit revenue growth and an annual CapEx of approximately $1 billion. The company aims for cumulative equity free cash flow between $800 million to $1 billion and plans to reduce leverage to 2.5x by 2025. Shareholder returns through buybacks will begin in 2023. Millicom also plans an expansive rollout of its fixed broadband network and the establishment of a tower company.
Millicom has reported a strong finish to 2021, with significant growth metrics highlighted in its latest earnings release. The company achieved a record net addition of 1.1 million postpaid mobile customers and 415,000 cable subscribers, contributing to a 6.7% increase in service revenue and EBITDA growth. The cable business has now reached 40% of its Latin American service revenue, growing by 9.3% in 2021. Additionally, the company acquired the remaining 45% share in its Guatemala operations. Millicom is optimistic about continued growth and profitability in 2022.
FreeMove Alliance and Millicom have launched a partnership to enhance connectivity for multinational corporations (MNCs) across the Americas. This collaboration integrates Millicom's eight mobile markets in Latin America into FreeMove's existing network, which spans over 100 markets globally. This strategic alliance aims to optimize mobile connectivity investments for MNCs and offers Millicom's clients access to tier one operators in the US, Brazil, and Europe. The partnership is anticipated to enrich Millicom's service offerings in the competitive mobile managed services sector.
Millicom, a leading provider of fixed and mobile services in Latin America and Africa, will host a virtual investor day on February 14. The event, slated from 3:00-6:00 PM Stockholm time, will cover company strategy, ESG initiatives, and updates on operations in Guatemala and Colombia. Participants can register for the Q&A via this link.
Millicom International Cellular S.A. has filed a standard notification form with the CSSF regarding major holdings as of January 27, 2022. This includes ANNEX A, which details the Southeastern Flagging Funds holding up to 5.08%. As a prominent provider of mobile and fixed services in emerging markets, Millicom continues to expand its footprint in Latin America and Africa, serving approximately 44 million customers. The filing helps maintain compliance with regulatory requirements, ensuring transparency in ownership structures.
Millicom’s subsidiary in Guatemala, Comunicaciones Celulares S.A., has successfully issued US$900 million in 5.125% senior notes due 2032. The proceeds will be used to prepay part of the Bridge Facility Agreement related to the acquisition of a 45% stake in the company. After this transaction, the remaining obligations under the facility will be US$450 million. Rated Ba1 by Moody’s and BB+ by Fitch, the notes will be listed on the Luxembourg Stock Exchange.
The First Extraordinary General Meeting (EGM) of Millicom International Cellular S.A. was convened but failed to meet the required quorum of 50%, with only approximately 44.48% of shares represented. Despite this, around 99% of votes were cast in favor of the agenda items, including an increase in authorized share capital from USD 199.99 million to USD 300 million. A reconvened EGM will be held virtually on February 28, 2022, allowing shareholders to vote by proxy. Key voting deadlines include proxy submission by February 23, 2022, and the Voting Record Date set for February 14, 2022.
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